Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: The company estimates 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following ale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February ales totaled $350,000, and March sales totaled $380,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th